ConvaTec completes £1.5bn IPO on LSE

ConvaTec Inc. (devices, accessories, and supplies for the hospital market to treat and manage chronic conditions) grossed approximately £1.47bn ($1.8bn) in its initial public offering on the London Stock Exchange. The company issued new shares at a price of £2.25 (the low end of its anticipated range) to certain institutional and other investors in the UK and outside the US. Following the close of the IPO, Nordic Capital and Avista Capital Partners will respectively hold 45.1% and 19.5% ownership stakes. ConvaTec will use most of the proceeds to repay existing debt.